United States Steel Corp. (NYSE:X) saw its shares pop in the first session of November, after the company beat revenue expectations and reported narrower-than-expected losses.
The company reported third-quarter net losses of $84 million, or 49 cents a share, compared with net income of $291 million, or $1.62 a share, in the year-ago period. Adjusted for restructuring charges, among other things, losses were 21 cents a share.
Revenue fell to $3.07 billion from $3.73 billion in the year-ago period. Analysts had estimated adjusted losses of 25 cents a share on sales of $3.05 billion. For the fourth quarter, analysts modeled adjusted losses of 57 cents a share on sales of $2.85 billion.
According to CEO David Burritt, "The team delivered better than expected results from solid cost performance and higher than forecast shipments in Flat-Rolled. While market headwinds persist, we continue to focus on what we can control, including re-scoping our asset revitalization investments and reducing fixed costs.
"We also completed three financing activities since the quarter ended, which delivered approximately $1.1 billion of incremental capital to further support our strategy."
Also on Friday came word that X declared a dividend of $0.05 per share on U. S. Steel Common Stock. The dividend is payable December 10,to stockholders of record at the close of business November 13.
The company boasts a status as a leading integrated steel producer and Fortune 250 company with major operations in the United States and Central Europe.
Shares ascended $1.78, or 15,5%, to $13.29
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